June 15th, 2010
Bargainsandfun.com would like to introduce it's new reserve auction function. These auctions can be seen at the bottom of the main page.
What is a Reserve Auction?
A Reserve auction is an auction where there is a set price (unpublished) at which the auction will become a regular auction and open for bidding.
How does A Reserve Auction Work?
Just like other auctions you place bids, however unlike other auctions this auction will not have a timer. It will simply accept your bids until the reserve is met. Once the reserve is met, the auction will become ACTIVE and a timer will start to count down. Once this timer starts - only those who have bid on the auction before the timer started will be allowed to bid and it will operate just like any other auction.
Can I place a BidBuddy/Powerbidder on a Reserve Auction?
Provided that they are not turned off for the auction, YES - However you can only add these to the auction once it has become ACTIVE and started it's final countdown.
Can I outbid myself?
Provided the timer has not started to count down, you may bid on a reserve auction as much as you like. Once the timer has started to countdown (meaning the reserve was hit) you can no longer outbid yourself, only other users. We have done this so that no user can be caught off-guard because an auction ended when they were not around. You can win a Reserve Auction by yourself without any competition!
How is the reserve price determined?
The reserve price is always within the range listed on the auction. Some reserve prices are manually entered when the auction is started. Others are randomly selected by the system. An example of a manual entry would be a range of $0.01-$2.00 where we set a reserve of 1.45 - we know that this auction will end at that price. An example of a randomly selected reserve could be a range of $0.01-$2.00 where we put a low limit of 1.00 and a high limit of 2.00 this means that the price will be randomly generated between 1.00 and 2.00.